Portland-based Ryno Motors is raising money for its one-wheeled EV "microcycle."
The Oregon Angel Fund committed $800,000 into the bike’s ramp-up to production six weeks ago, a $1.3-million effort aimed at putting the first round of bikes on the road, contingent on contributions from other investors that are already rolling in. Ryno also received $50,000 from Drive Oregon, along with several other private investments. The company is now within $200,000 of its target with six more investors circling.
CEO Chris Hoffmann, with partners Tony Humpage and Byron McCann, has come a long way in the five years since his then-14-year-old daughter suggested he build the bike, inspired by a videogame. Now, he’s long out of the garage. With a new red color, upgraded suspension, better removable battery and a bigger seat, the bike — tested by both celebrities and the Portland Police Bureau — is headed to a limited number of buyers soon.
Read more at Sustainable Business Oregon.